Umang_Sharma

SUNPHARMA: Analysis

Long
NSE:SUNPHARMA   SUN PHARMACEUTICAL
Keep an eye on SUNPHARMA it is on the verge of its breakout from a triangular pattern. There is a concert resistance at 526.90 levels. SUNPHARMA has retested these levels multiple times now and there is a good possibility that it is going to break these levels this time.
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Reason to Buy:
1) Multiple retesting or concrete resistance levels.
2) Trading over 200 EMA line
3) Steep trendline below each candle.
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Calculate Your RR ratio and then trade. Stoploss must below the immediate previous swing. Wait for it to cross, best buy above 530.00 levels.
Comment: No breakout yet still in a parallel channel.
Comment: Few points away from SL.
Trade closed: stop reached: SL hit trade closed Forgot to update